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Re: Real estate nutso
[Re: Hunt Dog]
#8215662
03/26/21 06:39 PM
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Joined: Dec 2009
Posts: 9,873
The Dude Abides
THF Trophy Hunter
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THF Trophy Hunter
Joined: Dec 2009
Posts: 9,873 |
My wife listed a house yesterday with showings starting at 2pm. By 8 pm she had 26 scheduled showings and 5 offers above asking price. And how many of those 5 offers will be able to go to closing in 30 days, or less? There are way too many people making offers that they will never be able to qualify for. Not true. Real Estate professionals and lenders are doing a much better job vetting prospective buyers BEFORE they can even make an offer.
I am still looking for the perfect apron, one with reinforced knee areas would be perfect.
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Re: Real estate nutso
[Re: Hudbone]
#8215664
03/26/21 06:42 PM
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Joined: Jul 2012
Posts: 15,761
603Country
THF Celebrity
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Posts: 15,761 |
Speaking of nutso...In the barbershop a couple days ago, the guy ahead of me was a land surveyor. He said that somebody had paid $9500 an acre (about 60 acres) on a gravel road 5 miles out from Kosse, Texas. No house on it, or any improvements, just mesquite and cedar. Seems to me that $3000 would be way too much. None of us could think up a reason that someone would pay a price like that. Gold mine maybe, or proven oil reserves.
Kosse is a wide spot in Highway 7 where it crosses Highway 14, with a small truck stop, a cafe, and a Mexican restaurant. One red light.
Not my monkeys, not my circus...
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Re: Real estate nutso
[Re: ntxtrapper]
#8215667
03/26/21 06:43 PM
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Joined: Nov 2011
Posts: 16,869
S.A. hunter
THF Celebrity
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Joined: Nov 2011
Posts: 16,869 |
I have several friends who are selling now, even though they are a year or so away from retirement, due to the looming expiration of the CARES Act. It has to end at some point and most predictions are a flood of foreclosed homes which will tank the housing market. Yes.
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Re: Real estate nutso
[Re: Hudbone]
#8215668
03/26/21 06:44 PM
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Joined: Nov 2005
Posts: 10,650
Greg
THF Celebrity
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Joined: Nov 2005
Posts: 10,650 |
Very low inventory and extremely high demand. Throw in near record low interest rates, and a wave of out-of-state buyers with cash in their pockets, and that’s where we are.
Banks will only loan so much. With appraisals being based on past sales, the risk for a lender gets pretty high pretty quick. Appraisal waivers are basically a given now, and the rest needs to come out of pocket. Unfortunately, that puts a lot of “would-be” buyers on the sidelines. Sometimes you can get creative with owner financing above the appraised value, but you have to ask yourself... why would a realtor advise his seller/client to go that direction when they have a stack of offers from people with cash in hand? It would have to be a dang good offer. Same thing applies to buyers who are contingent on selling their existing home.
It’s an interesting market to say the least.
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Re: Real estate nutso
[Re: Hudbone]
#8215714
03/26/21 07:42 PM
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Joined: Dec 2010
Posts: 8,841
DocHorton
THF Trophy Hunter
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Posts: 8,841 |
Yep, market is absolutely bonkers. I made an offer on a fixer-upper rental property last week that needed about $30-40k of work done....offered $13k over asking price, all cash, close in 11 days.....got outbid.
Have been lucky and found a few pre-market deals, but if you don't have all cash and close quickly it's hard to get anything, especially for an investment property. I've made offers on probably 15-20 properties in the last 6 months and got outbid on most of them, and most of my offers were at or over asking price with fast closes.
Land prices have really shot up as well in the last year.
There's a lot of money out there. I read an article that said since Covid hit people in the U.S. have saved an additional 2 Trillion dollars that's just sitting on the sidelines in cash.
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Re: Real estate nutso
[Re: The Dude Abides]
#8215717
03/26/21 07:47 PM
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Joined: Nov 2004
Posts: 11,426
Choctaw
THF Celebrity
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Posts: 11,426 |
My wife listed a house yesterday with showings starting at 2pm. By 8 pm she had 26 scheduled showings and 5 offers above asking price. And how many of those 5 offers will be able to go to closing in 30 days, or less? There are way too many people making offers that they will never be able to qualify for. Not true. Real Estate professionals and lenders are doing a much better job vetting prospective buyers BEFORE they can even make an offer. Yep, a real estate agent isn't going to waste his/her time with unqualified buyers.
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Re: Real estate nutso
[Re: Hudbone]
#8215734
03/26/21 08:06 PM
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Joined: Oct 2004
Posts: 22,478
Superduty
"The Regulator"
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"The Regulator"
Joined: Oct 2004
Posts: 22,478 |
Definitely a sellers market.
'It's Only Treason if You Lose."
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Re: Real estate nutso
[Re: Hudbone]
#8215753
03/26/21 08:32 PM
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Joined: Oct 2004
Posts: 39,580
redchevy
THF Celebrity
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Posts: 39,580 |
We had to have proof of funds or pre approved to even make an offer when we bought our place. Pretty sure that is typical.
It's hell eatin em live
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Re: Real estate nutso
[Re: Hudbone]
#8215764
03/26/21 08:42 PM
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Joined: Nov 2009
Posts: 300
Texasredneck70
Bird Dog
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Bird Dog
Joined: Nov 2009
Posts: 300 |
Neighbor just sold his house 70k over asking price. Frisco school. 3400 sqft 548k. Makes you want to sale
Barrh
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Re: Real estate nutso
[Re: Hudbone]
#8215772
03/26/21 08:52 PM
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Joined: Nov 2018
Posts: 1,948
Davis300
Pro Tracker
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Pro Tracker
Joined: Nov 2018
Posts: 1,948 |
Just sold our place in Brock for $200K more than we paid for it 4 years ago...absolutely no inventory in Parker County right now. Never even listed it...responded to a Facebook post and had an offer the next day after they visited. Builders are 12 - 14 months out IF you can find a lot.
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Re: Real estate nutso
[Re: Hunt Dog]
#8215773
03/26/21 08:52 PM
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Joined: Aug 2012
Posts: 15,582
TexFlip
THF Celebrity
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Joined: Aug 2012
Posts: 15,582 |
My wife listed a house yesterday with showings starting at 2pm. By 8 pm she had 26 scheduled showings and 5 offers above asking price. And how many of those 5 offers will be able to go to closing in 30 days, or less? There are way too many people making offers that they will never be able to qualify for. I know at least 2 are cash. No tire kickers allowed. Highest and best by noon tomorrow and seller will decide.
Just to make sure that it is done thoroughly, I go both ways.
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Re: Real estate nutso
[Re: The Dude Abides]
#8215818
03/26/21 09:37 PM
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Joined: Aug 2009
Posts: 22,716
BigPig
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Joined: Aug 2009
Posts: 22,716 |
If your buying don't bother coming to the table with a contingency in your offer. It wont be given a second look. Cash is king! You say that but people are blinded by money. Had a client offer all cash full asking price and close in 15 days. He was beat by a $100k over asking price with contingencies.
Wade Dews, REALTOR ® Rendon Realty, LLC Frontline Real Estate Team www.RendonRealty.comWadeDews@gmail.com 214-356-2410 Up to 1% for closing costs for First Responders & Veterans Proudly partnered with Assist The Officer Foundation https://atodallas.org/
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Re: Real estate nutso
[Re: Hunt Dog]
#8215822
03/26/21 09:49 PM
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Joined: Jan 2013
Posts: 19,664
Pitchfork Predator
THF Celebrity
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Joined: Jan 2013
Posts: 19,664 |
My wife listed a house yesterday with showings starting at 2pm. By 8 pm she had 26 scheduled showings and 5 offers above asking price. And how many of those 5 offers will be able to go to closing in 30 days, or less? There are way too many people making offers that they will never be able to qualify for. That was then this is now......demand is 2 years behind supply in Texas......we listed ours in Murphy and had to shut it down after 3 days and tell all offers to come back with their best offer......we got 50k over list and closed within 30 days of list date....lots of qualified buyers who already have their letter of credit.....
Last edited by Pitchfork Predator; 03/26/21 09:50 PM.
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Re: Real estate nutso
[Re: Stump_jumper]
#8215833
03/26/21 09:58 PM
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Joined: Jan 2007
Posts: 15,542
reeltexan
THF Celebrity
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Joined: Jan 2007
Posts: 15,542 |
Seems the incomers have plenty of cash.
Yep, they are from CA.. I can't wait to see how much property tax appraisals go up. Basing property taxes on appraised values is a racket and needs to be changed. At least mine gets locked in this year and I have repair quotes to fight the appraisal. Austin is crazy. My brother just sold his house and moved to Burnet. He got a larger house on acreage for not much more then he sold his house in Austin for. Same here. Mine is locked.
"If we ever forget that we are One Nation Under God, then we will be a nation gone under." Ronald Reagan
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Re: Real estate nutso
[Re: 603Country]
#8215835
03/26/21 10:01 PM
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Joined: Jan 2007
Posts: 15,542
reeltexan
THF Celebrity
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THF Celebrity
Joined: Jan 2007
Posts: 15,542 |
Speaking of nutso...In the barbershop a couple days ago, the guy ahead of me was a land surveyor. He said that somebody had paid $9500 an acre (about 60 acres) on a gravel road 5 miles out from Kosse, Texas. No house on it, or any improvements, just mesquite and cedar. Seems to me that $3000 would be way too much. None of us could think up a reason that someone would pay a price like that. Gold mine maybe, or proven oil reserves.
Kosse is a wide spot in Highway 7 where it crosses Highway 14, with a small truck stop, a cafe, and a Mexican restaurant. One red light. Maybe the Meskin joint is really, really good.
"If we ever forget that we are One Nation Under God, then we will be a nation gone under." Ronald Reagan
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Re: Real estate nutso
[Re: BigPig]
#8215838
03/26/21 10:04 PM
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Joined: Jan 2013
Posts: 19,664
Pitchfork Predator
THF Celebrity
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THF Celebrity
Joined: Jan 2013
Posts: 19,664 |
If your buying don't bother coming to the table with a contingency in your offer. It wont be given a second look. Cash is king! You say that but people are blinded by money. Had a client offer all cash full asking price and close in 15 days. He was beat by a $100k over asking price with contingencies. After just selling our house I would advise you to advise your clients to come to the table at least 25k over asking it they really want the house whether cash or not based on what our neighborhood is selling for right now....
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Re: Real estate nutso
[Re: Hudbone]
#8215840
03/26/21 10:08 PM
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Joined: Dec 2008
Posts: 41,222
J.G.
THF Celebrity
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Joined: Dec 2008
Posts: 41,222 |
Fixing to take full advantage of this. Bought the place in Melissa in 2002. See ya!
800 Yard Steel Range Precision Rifle Instruction Memberships and Classes Available
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Re: Real estate nutso
[Re: Hudbone]
#8215842
03/26/21 10:08 PM
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Joined: Dec 2012
Posts: 11,941
Simple Searcher
THF Celebrity
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Joined: Dec 2012
Posts: 11,941 |
Dang HB, I have looked at houses up your way, they are still better prices than toward Boerne, talk about nutso. I will be in your part of Texas tomorrow playing poker at some sort of fund raiser that the Rotary Club is doing.
"Man is still a hunter, still a simple searcher after meat..." Robert C. Ruark
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Re: Real estate nutso
[Re: BigPig]
#8215881
03/26/21 10:57 PM
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Joined: Dec 2009
Posts: 9,873
The Dude Abides
THF Trophy Hunter
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THF Trophy Hunter
Joined: Dec 2009
Posts: 9,873 |
If your buying don't bother coming to the table with a contingency in your offer. It wont be given a second look. Cash is king! You say that but people are blinded by money. Had a client offer all cash full asking price and close in 15 days. He was beat by a $100k over asking price with contingencies. Yep, there are those folks out there. Its a gamble.
I am still looking for the perfect apron, one with reinforced knee areas would be perfect.
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Re: Real estate nutso
[Re: J.G.]
#8215882
03/26/21 10:57 PM
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Joined: Dec 2009
Posts: 9,873
The Dude Abides
THF Trophy Hunter
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THF Trophy Hunter
Joined: Dec 2009
Posts: 9,873 |
Fixing to take full advantage of this. Bought the place in Melissa in 2002. See ya! Fixin to get paid
I am still looking for the perfect apron, one with reinforced knee areas would be perfect.
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Re: Real estate nutso
[Re: Hudbone]
#8215906
03/26/21 11:08 PM
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Joined: Apr 2013
Posts: 8,542
freerange
THF Trophy Hunter
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Joined: Apr 2013
Posts: 8,542 |
Yall really got me rethinking how much to expect to get on my Moms house in Georgetown. Its 50 years old and has never had anything updated. Needs foundation work but everything basically is "ok". Im sure anyone that bought it would completely gut it and redo everything. Its on tax rolls at about 310000. Not listed yet but a couple realtor friends have unofficially said its worth about 300k. A few comps show about 400 to 450 on similar houses but they have been completely redone. I knew the housing market was bonkers but I still thought 300k was a ton of money for that old house. Couple siblings involved and Im not going to get greedy but I hate to leave a ton of money on the table.
Last edited by freerange; 03/26/21 11:09 PM.
At some point in life its time to quit chasing the pot of gold and just enjoy the rainbow. FR Keep your gratitude higher than your expectations. RWH
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Re: Real estate nutso
[Re: Hudbone]
#8215924
03/26/21 11:17 PM
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Joined: Dec 2009
Posts: 9,873
The Dude Abides
THF Trophy Hunter
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THF Trophy Hunter
Joined: Dec 2009
Posts: 9,873 |
The downside if you're buying near where you're selling...you're paying crazy money for your new house.
I am still looking for the perfect apron, one with reinforced knee areas would be perfect.
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Re: Real estate nutso
[Re: freerange]
#8216075
03/27/21 01:11 AM
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Joined: Dec 2008
Posts: 41,222
J.G.
THF Celebrity
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THF Celebrity
Joined: Dec 2008
Posts: 41,222 |
Yall really got me rethinking how much to expect to get on my Moms house in Georgetown. Its 50 years old and has never had anything updated. Needs foundation work but everything basically is "ok". Im sure anyone that bought it would completely gut it and redo everything. Its on tax rolls at about 310000. Not listed yet but a couple realtor friends have unofficially said its worth about 300k. A few comps show about 400 to 450 on similar houses but they have been completely redone. I knew the housing market was bonkers but I still thought 300k was a ton of money for that old house. Couple siblings involved and Im not going to get greedy but I hate to leave a ton of money on the table. If you've got the time to DIY it, it might be worth remodeling. Yes materials are at an all time high, but so is someone to handle the project.
800 Yard Steel Range Precision Rifle Instruction Memberships and Classes Available
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Re: Real estate nutso
[Re: Pitchfork Predator]
#8216144
03/27/21 02:01 AM
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Joined: Aug 2009
Posts: 22,716
BigPig
THF Celebrity
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Joined: Aug 2009
Posts: 22,716 |
If your buying don't bother coming to the table with a contingency in your offer. It wont be given a second look. Cash is king! You say that but people are blinded by money. Had a client offer all cash full asking price and close in 15 days. He was beat by a $100k over asking price with contingencies. After just selling our house I would advise you to advise your clients to come to the table at least 25k over asking it they really want the house whether cash or not based on what our neighborhood is selling for right now.... We initially were going to offer $140k under asking as it had been on the market 161 days at the time we were submitting the offer and had substantial water damage from the freeze. No repairs requested.
Wade Dews, REALTOR ® Rendon Realty, LLC Frontline Real Estate Team www.RendonRealty.comWadeDews@gmail.com 214-356-2410 Up to 1% for closing costs for First Responders & Veterans Proudly partnered with Assist The Officer Foundation https://atodallas.org/
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Re: Real estate nutso
[Re: J.G.]
#8216149
03/27/21 02:03 AM
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Joined: Aug 2009
Posts: 22,716
BigPig
THF Celebrity
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THF Celebrity
Joined: Aug 2009
Posts: 22,716 |
I’m going to list a house in Ft Worth for $1, just to see how hot the market really is. If it doesn’t get what we think it it should, then we raise the price.
Wade Dews, REALTOR ® Rendon Realty, LLC Frontline Real Estate Team www.RendonRealty.comWadeDews@gmail.com 214-356-2410 Up to 1% for closing costs for First Responders & Veterans Proudly partnered with Assist The Officer Foundation https://atodallas.org/
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